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13 Chapter Bankruptcy Santa Fe Springs is on the Increase
06 June 2014

Most places in the USA are facing economic difficulties to some extent and it is a sad fact that many people cannot cope. This is true for individuals, small businesses and even large companies. For some people help is available and for others there are other options such as bankruptcy which can also be a way of help in some cases as things may improve. You will find that 13 chapter bankruptcy Santa Fe Springs, and other places is on the increase which is at least good news for the attorney bankruptcy lawyer!

Anyone can apply for chapter 13 bankruptcy if their debts are less than $269,750, and their secured debts are less than $807,750. However, corporations, partnerships, and those who have had a bankruptcy petition dismissed in the past 180 days cannot file under chapter 13.

In order to qualify for Chapter 13, you will have to show the bankruptcy court that you will have enough income, after subtracting certain allowed expenses and required payments on secured debts (such as a car loan or mortgage), to meet your repayment obligations. Your plan must pay back certain debts in full, or the judge will not confirm (approve) it and allow you to proceed. (For information on which debts have to be repaid in Chapter 13

You can use the income from the following sources to fund a Chapter 13 plan:

  • Regular wages or salary
  • Income from self-employment
  • Wages from seasonal work
  • Commissions from sales or other work
  • Pension payments
  • Social security benefits
  • Disability or workers’ compensation benefits
  • Unemployment benefits, strike benefits, and the like
  • Public benefits (welfare payments)
  • Child support or alimony you receive
  • Royalties and rents, and
  • Proceeds from selling property, especially if selling property is your primary business.

If you are married, your income does not necessarily have to be “yours.” A nonworking spouse can file alone and use money from a working spouse as a source of income. And an unemployed spouse can file jointly with a working spouse.

Filing 13 bankruptcy Santa Fe Springs is not hard to do but since the process can be quite complicated it is better if you hire an attorney bankruptcy law expert to handle the case. This is so that you can avoid making mistakes in filling the forms and providing other details; mistakes which could end up being very costly in the long run.

It is very important for filers to consult with an attorney bankruptcy Santa Fe Springs or become very familiar with the exemptions available to them in order to maximize the property they retain.

It may seem as though you cannot afford to pay for an attorney bankruptcy lawyer; after all if you had the money you would not need to file for 13 chapter bankruptcy Santa Fe Springs in the first place! However in truth it is better to spend a little more money, even if you have to borrow it, and hire a professional since a mistake could mean that you end up with nothing at the end.


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